VanEck Intermediate Muni ETF (BATS:ITM) Hits New 52-Week High – Still a Buy?

Shares of VanEck Intermediate Muni ETF (BATS:ITM) hit a new 52-week high during trading on Monday . The stock traded as high as $47.85 and last traded at $47.8750, with a volume of 123923 shares. The stock had previously closed at $47.80.

VanEck Intermediate Muni ETF Stock Up 0.1%

The company’s fifty day simple moving average is $47.40 and its 200-day simple moving average is $46.88.

VanEck Intermediate Muni ETF Cuts Dividend

The firm also recently announced a monthly dividend, which was paid on Thursday, February 5th. Investors of record on Monday, February 2nd were paid a $0.117 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a c) dividend on an annualized basis and a yield of 2.9%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its stake in shares of VanEck Intermediate Muni ETF by 5.8% in the 3rd quarter. Bank of America Corp DE now owns 15,865,319 shares of the company’s stock valued at $739,324,000 after purchasing an additional 869,902 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in VanEck Intermediate Muni ETF by 10.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,239,352 shares of the company’s stock valued at $199,928,000 after buying an additional 394,734 shares in the last quarter. M&T Bank Corp acquired a new stake in VanEck Intermediate Muni ETF in the 4th quarter valued at $112,631,000. LPL Financial LLC raised its stake in VanEck Intermediate Muni ETF by 2.4% during the fourth quarter. LPL Financial LLC now owns 2,133,566 shares of the company’s stock worth $100,619,000 after acquiring an additional 50,368 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of VanEck Intermediate Muni ETF by 46.0% during the third quarter. Ameriprise Financial Inc. now owns 1,281,231 shares of the company’s stock valued at $59,715,000 after acquiring an additional 403,482 shares during the period.

About VanEck Intermediate Muni ETF

The VanEck Intermediate Muni ETF (ITM) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund tracks a market value-weighted index of investment grade, tax-exempt US municipal bonds with nominal maturities of 6-17 years. ITM was launched on Dec 4, 2007 and is managed by VanEck.